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WorksheetsECB Revision
Total questions: 26
Worksheet time: 13mins
Needs are
things we hope will give us satisfaction
things that are essential to our survival
things we would like
not really essential
Wants are
things we desire for satisfaction
essential to our survival
not negotiable
food, water and shelter
Which of the following is NOT a characteristic of "wants":
Unlimited
Limited
Changeable
Recurrent
Which of the following is an example of a "Good":
Education
Hairdressing
Banking
Clothing
Which of the following is NOT a Factor of Production:
Land
Government
Labour
Capital
Scarcity of resources means:
We have too many
We don't have enough
The four types of economies include:
Market, Old Fashioned, Current, Government
Combined, Traditional, Modern, Global
Mixed, Global, Traditional, Modern
Mixed, Market, Traditional, Command
Opportunity Cost is:
The GDP or Gross Domestic Product.
The expense associated with buying goods and services.
The value of any alternative you must give up when you make a choice.
How much an entrepreneur gets paid.
Which is NOT one of the 3 questions of economic decision making?
What to produce
How to produce it
For whom to produce
The cost of production
A Traditional Economy is where
Economic decisions such as production and distribution of goods and services are determined by traditions and customs. These economies use barter instead of money.
Economic decisions are made by government who owns the means of production.
Production of goods and services is determined by market forces of supply and demand. Businesses sell their wares at the highest price consumers will pay while consumers look for the lowest price possible.
Characteristics of market, command and traditional economies are combined. It protects private property, allows the laws of supply and demand to determine prices and it allows some government intervention to guide economic activity.
A Command Economy is where
Economic decisions such as production and distribution of goods and services are determined by traditions and customs. These economies use barter instead of money.
Economic decisions are made by government who owns the means of production.
Production of goods and services is determined by market forces of supply and demand. Businesses sell their wares at the highest price consumers will pay while consumers look for the lowest price possible.
Characteristics of market, command and traditional economies are combined. It protects private property, allows the laws of supply and demand to determine prices and it allows some government intervention to guide economic activity.
A Mixed Economy is where:
Economic decisions such as production and distribution of goods and services are determined by traditions and customs. These economies use barter instead of money.
Economic decisions are made by government who owns the means of production.
Production of goods and services is determined by market forces of supply and demand. Businesses sell their wares at the highest price consumers will pay while consumers look for the lowest price possible.
Characteristics of market, command and traditional economies are combined. It protects private property, allows the laws of supply and demand to determine prices and it allows some government intervention to guide economic activity.
A Market Economy is where:
Economic decisions such as production and distribution of goods and services are determined by traditions and customs. These economies use barter instead of money.
Economic decisions are made by government who owns the means of production.
Production of goods and services is determined by market forces of supply and demand. Businesses sell their wares at the highest price consumers will pay while consumers look for the lowest price possible.
Characteristics of market, command and traditional economies are combined. It protects private property, allows the laws of supply and demand to determine prices and it allows some government intervention to guide economic activity.
Which of the following is NOT a participant in the Australian Economy?
Households
Government
Taxation
Businesses
As participants within the Australian Economy, the Household sector and Business Sector rely upon each other. True or False?
True
False
Select which of the following are true for the Household sector: (You can select more than one).
Provide Labour
Buy Good and Services
Pay Tax
Government restrictions
When considering the functions of money, the definition for Medium of Exchange is:
Money allows us to pay for goods and services because it is accepted by everyone in our economy in exchange for goods and services. Hence employees exchange their labour for money, and businesses accept money in exchange for the goods and services they supply.
Money allows us to put a price on the goods and services we exchange. The price is a measure of what we believe the goods or services to be worth when compared to other goods and services.
Money allows us to save our income or wealth for spending at a later date because it holds its value.
Money allows us to purchase goods and services on credit, with both buyer and seller knowing exactly how much has to be paid at a later date.
When considering the functions of money, the definition of Measure of Value is:
Money allows us to pay for goods and services because it is accepted by everyone in our economy in exchange for goods and services. Hence employees exchange their labour for money, and businesses accept money in exchange for the goods and services they supply.
Money allows us to put a price on the goods and services we exchange. The price is a measure of what we believe the goods or services to be worth when compared to other goods and services.
Money allows us to save our income or wealth for spending at a later date because it holds its value.
Money allows us to purchase goods and services on credit, with both buyer and seller knowing exactly how much has to be paid at a later date.
When considering the functions of money, the definition of Store of Value is:
Money allows us to pay for goods and services because it is accepted by everyone in our economy in exchange for goods and services. Hence employees exchange their labour for money, and businesses accept money in exchange for the goods and services they supply.
Money allows us to put a price on the goods and services we exchange. The price is a measure of what we believe the goods or services to be worth when compared to other goods and services.
Money allows us to save our income or wealth for spending at a later date because it holds its value.
Money allows us to purchase goods and services on credit, with both buyer and seller knowing exactly how much has to be paid at a later date.
When considering the functions of money, the definition of Standard of Deferred Payment is:
Money allows us to pay for goods and services because it is accepted by everyone in our economy in exchange for goods and services. Hence employees exchange their labour for money, and businesses accept money in exchange for the goods and services they supply.
Money allows us to put a price on the goods and services we exchange. The price is a measure of what we believe the goods or services to be worth when compared to other goods and services.
Money allows us to save our income or wealth for spending at a later date because it holds its value.
Money allows us to purchase goods and services on credit, with both buyer and seller knowing exactly how much has to be paid at a later date.
The financial sector does NOT:
Hold savings
Lend money
Pay taxes
Import and Export
The Government Sector does NOT:
Loan money to Household Sector
Borrow money from the Financial Sector
Pay wages
Charge taxes
The following words are associated with which Sector? Credit, Savings, Investment.
Household
Business
Government
Financial
The following words are associated with which sector?
Taxes, Welfare, Spending, Infrastructure.
Household
Business
Government
Financial
The following words are associated with which sector?
Import, Export, Payment of Wages, Production.
Household
Business
Government
Financial
The following words are associated with which sector? Employee, Earns wages, Pays Taxes, Citizen.
Household
Business
Government
Financial
